The rural growth deal (RGD) brings together £25m each from the Scottish and UK Governments, and at least £20m via Argyll and Bute Council and partners, creating opportunities for people living in the region and attracting future investment.

With the signing, Argyll and Bute Council, the UK Government and Scottish Government will agree the themes for the 10–15 year RGD programme of investment.

Aquaculture, tourism, housing, digital connectivity and skills for a rural economy are among the sectors set for development.

Councillor Robin Currie, leader of Argyll and Bute Council, said: “The Rural Growth Deal is about turning economic potential into a successful future for Argyll and Bute. This transformational investment will focus on connecting our high value business sectors with national and international business markets, on attracting additional skills, residents, visitors and businesses, and on growing benefit from our fantastic natural assets.

“Reaching this milestone has been a partnership effort – thank you to everyone involved. Especially in these times of unprecedented challenge, this is an important day for Argyll and Bute.”

Michael Matheson, cabinet secretary for transport, infrastructure and connectivity, added: “Today marks the signing of the Heads of Terms agreement, a significant step forward for the Argyll and Bute Rural Growth Deal. The Scottish Government is supporting this deal with investment of up to £25m.

“This deal will drive and deliver projects, designed by local partners, that will help to reinvigorate the region’s economy and build strategically for its long term growth and prosperity. Playing to Argyll and Bute’s strengths, projects will focus on creating a world class visitor destination and building on its world leading marine research expertise reflected in the marine aquaculture programme.

“At a time of such economic uncertainty and challenge, the projects and investment committed through the deal will be more important than ever and will play a key role in the region’s recovery from the pandemic. Investments through the deal will create new jobs, protect existing jobs and extend economic opportunities to communities, businesses and individuals across the region.

“I appreciate all the hard work that Argyll and Bute Council and their partners have put in to get us to this point. We will continue to work with Argyll and Bute Council over the coming months, to help them develop the projects to unlock investment and drive inclusive growth across the area as swiftly as possible.”